Nigerian authorities have arrested 133 suspects linked to a Ponzi scheme academy that promised unrealistic financial gains.
The Economic and Financial Crimes Commission (EFCC), in collaboration with the Nigerian Army, has arrested 133 individuals involved in a Ponzi scheme operating under the name Q University, also known as Q-Net. The arrests took place on Monday, March 24, 2025, at the Compensation Layout in Gwagwalada, Federal Capital Territory (FCT), Abuja.
According to a statement released by the EFCC on X (formerly Twitter), the arrests followed intelligence reports about the existence of the academy, which was allegedly luring young Nigerians into fraudulent investment training.
How the Scheme Operated
The EFCC revealed that Q University operated by recruiting young people and convincing them they could become wealthy through a special training program. The scheme, branded “Special Training for New Generation Billionaires”, involved indoctrinating participants with the idea that they would soon join the ranks of the ultra-rich.
To be part of the program, recruits had to purchase an "Independent Representative Application Form" and undergo training that encouraged them to recruit others into the scheme. Promotional slogans used in the academy included “I’m a Champion,” “I’m Unstoppable,” and “I’m Infinity.”
Investigators believe the scheme was structured as a classic Ponzi operation, where new recruits were pressured to bring in more participants under the false promise of high financial returns.
Authorities Seize Evidence
During the raid, EFCC operatives, assisted by soldiers from the 176 Guards Battalion of the Nigerian Army, seized several items from the suspects, including mobile phones, computers, and other electronic gadgets. These will be used as evidence in the ongoing investigation.
The anti-graft agency has assured the public that all suspects will face legal action as soon as the investigation is complete.
Ongoing Efforts to Combat Fraud
The EFCC continues to crack down on financial fraud across Nigeria, warning citizens to be cautious of schemes that promise unrealistic profits. Authorities have urged young Nigerians to verify investment opportunities before participating in any financial programs.
As investigations proceed, the agency has reaffirmed its commitment to holding accountable those who defraud unsuspecting individuals through deceptive financial schemes.
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